Crude

Crude closed higher on above average volume again today. Range was a smallish $1.58.

As expected we spent the day range bound tracing a iv wave. Even though range was on the small side, there were huge swings back and forth. Traders paradise.

It appears that we had a big flat followed by perhaps an [x] wave and are involved in a complex corrective.

It's unclear if iv has finished yet or not. My guess is it still has some work to do.

After completion, we should see a final v to finish minuette (a).

Bottom line - we should see higher near-term price before a meaningful correction.